Superannuation Act 1976

A person is entitled to benefits in accordance with this section if the person:

ceases to be an eligible employee on or after 27 June 1997 in circumstances connected with the sale or transfer of an organisation, business, service or asset, or the transfer of a function; and

is not taken by section 58 to have retired involuntarily; and

has not reached his or her minimum retiring age when he or she so ceases to be an eligible employee; and

has not made an election under section 137.

Subject to subsection (7), the benefits are an amount (the total benefit) equal to the sum of:

an amount equal to 3.5 times the amount of his or her accumulated basic contributions; and

an amount equal to his or her accumulated supplementary contributions (if any); and

any productivity benefits applying in relation to him or her under Part VIA; and

any benefit applying in relation to him or her under Part VIAB or Subdivision B of Division 2 of Part IX;

The person must choose to receive the benefits either in accordance with subsection (4) or in accordance with subsection (5).

If the person chooses to receive the benefits in accordance with this subsection, the person is entitled to have the total benefit treated as a preserved benefit under the SIS Act and dealt with accordingly.

If the person chooses to receive the benefits in accordance with this subsection, the person is entitled to payment of so much of the total benefit as is equal to his or her accumulated contributions and to have the balance of the total benefit treated as a preserved benefit under the SIS Act and dealt with accordingly.

If the person fails to make a choice as provided by subsection (3), the person is taken to have chosen to receive benefits in accordance with subsection (5).

If the person’s surcharge debt account is in debit when the person becomes entitled to the benefits, the total benefit is reduced by the person’s surcharge deduction amount.